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GOP BUDGET WATCH: Pat Toomey Voted To Weaken Consumer Protections

Consumer Financial Protection Bureau Fielded 13,000 Complaints From Pennsylvanians Since 2011

In the new Republican-controlled Senate Budget Committee’s first legislative session last Thursday, Pat Toomey successfully added an amendment that weakens consumer protections by attacking the Consumer Financial Protection Bureau (CFPB). The CFPB works to protect Pennsylvanians who are treated unfairly by predatory lenders. Since 2011, the CFPB has fielded just over 13,000 complaints in Pennsylvania.

Pat Toomey’s Budget Priorities: Weaken consumer protections for thousands of Pennsylvanians being treated unfairly by credit card companies, payday lenders and big banks. Got it.

“Pat Toomey has made his priorities abundantly clear – he’s willing to throw Pennsylvanians under the bus when it comes to basic consumer protections,” said Justin Barasky, DSCC Communications Director. “These bad actors already have plenty of friends in Washington. Pennsylvanians deserve a Senator who will stand up to protect middle class families, not the special interests and predatory lenders who are out to do them harm.”

BACKGROUND:

Huffington Post: Toomey Introduced And Voted For An Amendment Attacking The Consumer Financial Protection Bureau That Was Pushed Through By Budget Committee Republicans. “The amendment, offered by Sens. David Perdue (R-Ga.) and Pat Toomey (R-Pa.), is a resolution to move the CFPB’s funding away from the Federal Reserve and put it under the direct control of Congress through the appropriations process. This would not only give Republicans an opportunity to slash the bureau’s funding, but to leverage its budgeting control to pressure the agency against cracking down on lenders.  […] Three of the Republicans who voted for the bill are up for re-election in 2016 in swing states, including Toomey and Sens. Kelly Ayotte (R-N.H.) and Rob Portman (R-Ohio). “ [Huffington Post, 3/20/15]

The Consumer Financial Protection Bureau Had Received More Than 13,000 Consumer Complaints From Pennsylvania Since December 2011. [Consumer Financial Protection Bureau, Consumer Complaint Database, Accessed 3/23/15]

*Similar releases will be sent today targeting Republican Senators in Ohio, Wisconsin, Iowa, and New Hampshire*

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